[Congressional Record Volume 143, Number 56 (Monday, May 5, 1997)]
[Senate]
[Pages S3969-S3970]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          AMENDMENTS SUBMITTED

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                    SUPPLEMENTAL APPROPRIATIONS ACT

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                  GRAMS (AND OTHERS) AMENDMENT NO. 54

  Mr. GRAMS (for himself, Mr. Johnson, and Mr. Daschle) proposed an 
amendment to the bill (S. 672) making supplemental appropriations and 
rescissions for the fiscal year ending September 30, 1997, and for 
other purposes; from the Committee on Appropriations; as follows:

       At the appropriate place, insert the following new title:
           TITLE ____--DEPOSITORY INSTITUTION DISASTER RELIEF

     SEC. ____01. SHORT TITLE.

       This title may be cited as the ``Depository Institution 
     Disaster Relief Act of 1997''.

     SEC. ____02. TRUTH IN LENDING ACT; EXPEDITED FUNDS 
                   AVAILABILITY ACT.

       (a) Truth in Lending Act.--During the 180-day period 
     beginning on the date of enactment of this Act, the Board may 
     make exceptions to the Truth in Lending Act (15 U.S.C. 1601 
     et seq.) for transactions within an area in which the 
     President, pursuant to section 401 of the Robert T. Stafford 
     Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 
     et seq.), has determined that a major disaster exists, or 
     within an area determined to be eligible for disaster relief 
     under other Federal law by reason of damage related to the 
     1997 flooding of the Red River of the North and its 
     tributaries, if the Board determines that the exception can 
     reasonably be expected to alleviate hardships to the public 
     resulting from such disaster that outweigh possible adverse 
     effects.
       (b) Expedited Funds Availability Act.--During the 180-day 
     period beginning on the date of enactment of this Act, the 
     Board may make exceptions to the Expedited Funds Availability 
     Act (12 U.S.C. 4001 et seq.) for depository institution 
     offices located within any area referred to in subsection (a) 
     if the Board determines that the exception can reasonably be 
     expected to alleviate hardships to the public resulting from 
     such disaster that outweigh possible adverse effects.
       (c) Time Limit on Exceptions.--Any exception made under 
     this section shall expire not later than the earlier of--
       (1) 1 year after the date of enactment of this Act; or
       (2) 1 year after the date of any determination referred to 
     in subsection (a).
       (d) Publication Required.--Not later than 60 days after the 
     date of a determination under subsection (a), the Board shall 
     publish in the Federal Register a statement that--
       (1) describes the exception made under this section; and
       (2) explains how the exception can reasonably be expected 
     to produce benefits to the public that outweigh possible 
     adverse effects.

     SEC. ____03. DEPOSIT OF INSURANCE PROCEEDS.

       The appropriate Federal banking agency may, by order, 
     permit an insured depository institution, during the 18-month 
     period beginning on the date of enactment of this Act, to 
     subtract from the institution's total assets, in calculating 
     compliance with the leverage limit prescribed under section 
     38 of the Federal Deposit Insurance Act (12 U.S.C. 1831o), an 
     amount not exceeding the qualifying amount attributable to 
     insurance proceeds, if the agency determines that--
       (1) the institution--
       (A) had its principal place of business within an area in 
     which the President, pursuant to section 401 of the Robert T. 
     Stafford Disaster Relief and Emergency Assistance Act, has 
     determined that a major disaster exists, or within an area 
     determined to be eligible for disaster relief under other 
     Federal law by reason of damage related to the 1997 flooding 
     of the Red River of the North and its tributaries, on the day 
     before the date of any such determination;
       (B) derives more than 60 percent of its total deposits from 
     persons who normally reside within, or whose principal place 
     of business is normally within, areas of intense devastation 
     caused by the major disaster;
       (C) was adequately capitalized (as defined in section 38 of 
     the Federal Deposit Insurance Act (12 U.S.C. 1831o)) before 
     the major disaster; and
       (D) has an acceptable plan for managing the increase in its 
     total assets and total deposits; and
       (2) the subtraction is consistent with the purpose of 
     section 38 of the Federal Deposit Insurance Act (12 U.S.C. 
     1831o).

     SEC. ____04. BANKING AGENCY PUBLICATION REQUIREMENTS.

       (a) In General.--During the 180-day period beginning on the 
     date of enactment of this Act, a qualifying regulatory agency 
     may take any of the following actions with respect to 
     depository institutions or other regulated entities whose 
     principal place of business is within, or with respect to 
     transactions or activities within, an area in which the 
     President, pursuant to section 401 of the Robert T. Stafford 
     Disaster Relief and Emergency Assistance Act, has determined 
     that a major disaster exists, or within an area determined to 
     be eligible for disaster relief under other Federal law by 
     reason of damage

[[Page S3970]]

     related to the 1997 flooding of the Red River of the North 
     and its tributaries, if the agency determines that the action 
     would facilitate recovery from the major disaster:
       (1) Procedure.--Exercise the agency's authority under 
     provisions of law other than this section without complying 
     with--
       (A) any requirement of section 553 of title 5, United 
     States Code; or
       (B) any provision of law that requires notice or 
     opportunity for hearing or sets maximum or minimum time 
     limits with respect to agency action.
       (2) Publication requirements.--Make exceptions, with 
     respect to institutions or other entities for which the 
     agency is the primary Federal regulator, to--
       (A) any publication requirement with respect to 
     establishing branches or other deposit-taking facilities; or
       (B) any similar publication requirement.
       (b) Publication Required.--Not later than 90 days after the 
     date of an action under this section, a qualifying regulatory 
     agency shall publish in the Federal Register a statement 
     that--
       (1) describes the action taken under this section; and
       (2) explains the need for the action.
       (c) Qualifying Regulatory Agency Defined.--For purposes of 
     this section, the term ``qualifying regulatory agency'' 
     means--
       (1) the Board;
       (2) the Office of the Comptroller of the Currency;
       (3) the Office of Thrift Supervision;
       (4) the Federal Deposit Insurance Corporation;
       (5) the Federal Financial Institutions Examination Council;
       (6) the National Credit Union Administration; and
       (7) with respect to chapter 53 of title 31, United States 
     Code, the Secretary of the Treasury.

     SEC. ____05. SENSE OF THE CONGRESS.

       It is the sense of the Congress that each Federal financial 
     institutions regulatory agency should, by regulation or 
     order, make exceptions to the appraisal standards prescribed 
     by title XI of the Financial Institutions Reform, Recovery, 
     and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) for 
     transactions involving institutions for which the agency is 
     the primary Federal regulator with respect to real property 
     located within a disaster area pursuant to section 1123 of 
     the Financial Institutions Reform, Recovery, and Enforcement 
     Act of 1989 (12 U.S.C. 3352), if the agency determines that 
     the exceptions can reasonably be expected to alleviate 
     hardships to the public resulting from such disaster that 
     outweigh possible adverse effects.

     SEC. ____06. OTHER AUTHORITY NOT AFFECTED.

       Nothing in this title limits the authority of any 
     department or agency under any other provision of law.

     SEC. ____07. DEFINITIONS.

       For purposes of this title, the following definitions shall 
     apply:
       (1) Appropriate federal banking agency.--The term 
     ``appropriate Federal banking agency'' has the same meaning 
     as in section 3 of the Federal Deposit Insurance Act (12 
     U.S.C. 1813).
       (2) Board.--The term ``Board'' means the Board of Governors 
     of the Federal Reserve System.
       (3) Federal financial institutions regulatory agency.--The 
     term ``Federal financial institutions regulatory agency'' has 
     the same meaning as in section 1121 of the Financial 
     Institutions Reform, Recovery, and Enforcement Act of 1989 
     (12 U.S.C. 3350).
       (4) Insured depository institution.--The term ``insured 
     depository institution'' has the same meaning as in section 3 
     of the Federal Deposit Insurance Act (12 U.S.C. 1813).
       (5) Leverage limit.--The term ``leverage limit'' has the 
     same meaning as in section 38 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1831o).
       (6) Qualifying amount attributable to insurance proceeds.--
     The term ``qualifying amount attributable to insurance 
     proceeds'' means the amount (if any) by which the 
     institution's total assets exceed the institution's average 
     total assets during the calendar quarter ending before the 
     date of any determination referred to in section 
     ____03(1)(A), because of the deposit of insurance payments or 
     governmental assistance made with respect to damage caused 
     by, or other costs resulting from, the major disaster.
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                        STEVENS AMENDMENT NO. 55

  Mr. STEVENS proposed an amendment to the bill S. 672, supra; as 
follows:

       On page 65, line 5, strike the amount ``$41,090,000'' and 
     insert the amount ``$81,090,000'' and
       On page 65, line 7, strike the amount ``135,090,000'' and 
     insert the amount ``$95,000,000''.
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                         FORD AMENDMENT NO. 56

  Mr. STEVENS (for Mr. Ford for himself and Mr. McConnell) proposed an 
amendment to the bill, S. 672, supra; as follows:

       At the appropriate place in the bill, insert the following:

     SEC.   . AUTHORITY OF SECRETARY OF DEFENSE TO ENTER INTO 
                   LEASE OF BUILDING NO. 1, LEXINGTON BLUE GRASS 
                   STATION, LEXINGTON, KENTUCKY.

       (a) Authority To Enter into Lease.--Notwithstanding any 
     other provision of law, the Secretary of Defense may enter 
     into an agreement for the lease of Building No. 1, Lexington 
     Blue Grass Station, Lexington, Kentucky, and any real 
     property associated with the building, for purposes of the 
     use of the building by the Defense Finance and Accounting 
     Service. The agreement shall meet the requirements of this 
     section.
       (b) Term.--(1) The agreement under this section shall 
     provide for a lease term of not to exceed 50 years, but may 
     provide for one or more options to renew or extend the term 
     of the lease.
       (2) The agreement shall include a provision specifying 
     that, if the Secretary ceases to require the leased building 
     for purpose of the use of the building by the Defense Finance 
     and Accounting Service before the expiration of the term of 
     the lease (including any extension or renewal of the term 
     under an option provided for in paragraph (1)), the remainder 
     of the lease term may, upon the approval of the entity 
     leasing the building, be satisfied by the Secretary or 
     another department or agency of the Federal Government 
     (including a military department) for another purpose similar 
     to such purpose.
       (c) Consideration.--(1) The agreement under this section 
     may not require rental payments by the United States under 
     the lease under the agreement.
       (2) The Secretary or other lease, if any, under subsection 
     (b)(2) shall be responsible under the agreement for payment 
     of any utilities associated with the lease of the building 
     covered by the agreement and for maintenance and repair of 
     the building.
       (d) Improvement.--The agreement under this section may 
     provide for the improvement of the building covered by the 
     agreement by the Secretary or other lessee, if any, under 
     subsection (b)(2).

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